Ann: Positive Redmoor Study Results & Re-commencement of drilling, page-46

"Best not decide the findings will not be liked before you have actually run the numbers..."

FYI

Once drilling confirms the upgrade, I'm confident the project will stack up even with conservative price projections. Particularly if they add 4-6mt to the resource as they are estimating, could even be more if they commit to getting enough holes in the ground. This is not my main area of concern.

It's more so the how is NAE going to stay in the game. Drilling, met work, PFS/BFS/DFS and then somehow secure finance to develop. These are the numbers that worry me. And then $57.5M for our share of development based on a 4.5mt deposit. If they increase the resource 4-6mt, or more, the CAPEX may become even higher if a higher throughput processing plant becomes a more viable option.

Even with my preliminary cost estimations, I'm struggling to see how we are going to keep hold of a decent chunk of it with so much money required. I was hoping there would be some information/numbers on a toll treatment option too, as it has been mentioned in the past, but this appears to have dropped off the radar for the time being.